The Bahrain based leading Islamic banking group Al Baraka Banking Group B.S.C. (ABG) and four of its subsidiary banking units received the "Best Islamic Financial Institution" Award of 2018, as part of the annual awards that the Global Finance magazine, which is specialized in banking and finance, awards to international banks and financial institutions.
Al Baraka Banking Group received the “Best Islamic Financial Institution in Africa Award, Al Baraka Islamic Bank Bahrain received the “Best Islamic Financial Institution in Bahrain” Award, Jordan Islamic Bank received the “Best Islamic Financial Institution in Jordan” Award, Al Baraka Bank Algeria received the “Best Islamic Financial Institution in Algeria, and Al Baraka Bank Tunisia received the “Best Islamic Financial Institution in Tunis” Award.
The winning of these awards by ABG and its four subsidiary banking units for the sixth successive year was announced in a final result statement by the magazine's Award Committee, which included in its membership, a number of economists and editors of Global Finance, international financial advisors and a number of bank managers and experts in the field of banking. ABG and its four banking units received these awards for their prominent role in the Islamic banking sector, their ability to achieve consistent growth in the future and meeting professional standards in terms of the quality of products and services offered to clients, as well as for their originality and innovation in services and customer service, continued development and innovation in banking operations and other important criteria such as strategic relationships, geographic reach, profitability and robustness of financial position.
Mr. Meliksah Utku, Board Member and General Manager of Al Baraka Turk Participation Bank and Ms. Nurul Bariah Djaafar, Chief Representative of Indonesian Representative Office received the awards on behalf of the Group at the annual awards ceremony held during the IMF World Bank annual meetings in Bali, Indonesia on 13th October 2018.
On this occasion, Board Member and President & Chief Executive of Al Baraka Banking Group Mr. Adnan Ahmed Yousif said: "We are very happy with the achievement of ABG and four of our banking units in winning this international award for the sixth successive year. This reflects the ability of the Group and the Units in maintaining their leading and distinguished financial and operational status over the last years on one hand, and the excellent banking position that the Group and the Units occupy in their countries, their effective contributions in providing innovative saving and investment products, in addition to their excellent performance and services, and good reputation in the Islamic banking sector locally and regionally on the other hand”.
Mr. Adnan Ahmed Yousif concluded his statement by expressing his thanks and appreciation to the executive management and all employees of ABG and the four banking units for their continuing efforts in raising the status of their units and the Group as a whole at the local, regional and international levels.
Al Baraka Banking Group B.S.C. (“ABG”) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is rated A+ (bh) (long term) / A2 (bh) (short term) on the national scale by Islamic International Rating Agency and by Standard & Poor's at BB (long term) / B (short term).
Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$ 2.5 billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 16 countries, which in turn provide their services through over 700 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Saudi Arabia and Morocco, in addition to one branch in Iraq and two representative offices in Indonesia and Libya.